Former federal lawmaker, Senator Dino Melaye, has strongly criticised President Bola Tinubu’s handling of Nigeria’s economy, warning that the federal government’s heavy dependence on borrowing could become so desperate that it may eventually turn to financial technology platforms such as OPay and Moniepoint for loans. Melaye, who spoke during a live interview on Monday, described the Tinubu administration as “one of the most reckless” in Nigeria’s history.

He accused the government of piling up debts at an alarming rate while Nigerians continue to face severe economic hardship. “I will not be surprised if this government wakes up one day and starts borrowing from OPay and Moniepoint,” Melaye said. “There is hunger in the land.

Nigerians are suffering, yet the government has made borrowing its primary strategy instead of strengthening the economy.” The former senator cited several loan requests already put forward by the Tinubu administration, including the recent $1.7 billion facility secured from the World Bank.

He alleged that since taking office, the government has presented borrowing plans worth about $21 billion for consideration by the National Assembly. According to him, such levels of borrowing without clear accountability threaten Nigeria’s financial stability. Beyond the issue of debt, Melaye also raised concerns about what he called the government’s taste for luxury spending.

He pointed to allocations for a presidential yacht, official vehicles, and a gifted presidential jet as evidence of misplaced priorities. “The presidential yacht has never been to Nigeria’s territorial waters. It has been cruising between Monaco and Paris, while Nigerians are told to endure hardship,” he claimed.

His remarks revive earlier controversies dating back to 2023, when public outrage erupted over budgetary provisions for luxury assets under the presidency. At the time, critics accused the government of insensitivity, given the prevailing inflation, removal of fuel subsidies, and widespread unemployment.

Although officials attempted to clarify or downplay the expenditures, the issue has remained a point of contention and a rallying tool for opposition voices. Economists and policy analysts have repeatedly cautioned that Nigeria’s rising debt stock could push the country toward a fiscal crisis if revenues are not improved.

They argue that while borrowing may be necessary for infrastructure and development, unchecked external loans — combined with expensive governance — risk worsening inflation and weakening investor confidence. As of the time of this report, the Presidency had not responded to Melaye’s latest remarks.

However, government officials in the past have defended borrowing as a necessary tool for funding development projects and stabilising the economy. With inflation climbing, the naira under pressure, and living costs biting harder, Melaye’s warning adds fuel to ongoing debates in the National Assembly and civil society over Nigeria’s debt sustainability and the administration’s spending priorities.

Opposition parties are also expected to seize on his comments to intensify calls for greater transparency and fiscal discipline.